Experian-Owned UK-based Fintech Startup ClearScore Enters India

ClearScore, a London,UK-based free credit checking service, has entered India by launching its web and mobile-web services in the country. The startup has recently got acquired by Experian, a Dublin, Ireland-based consumer credit reporting giant, in March this year. ClearScore is also is getting ready to introduce Android and iOS apps in India, later this year.

Interestingly, Experian is also a investor and major stake holder in India's BankBazaar. In October last year, BankBazaar received $30 million in funding led by Experian, a credit giant with a £14 billion ($18 billion) market cap.

It may be noted that in March 2017, Experian, who own both Clearscore & BankBazaar, had to pay a $3 million fine related to giving credit scores to consumers that were not their true credit score. The Consumer Financial Protection Bureau was the United States federal agency who imposed the fine.

Essentially, ClearScore matches consumers with personal financial products and offers free credit reports. The startup touted as being the first company in the UK to do so and monetizes from commission on products sold to users after they’ve completed their credit check. Its app is completely free (Data ..aah!) – with no upsells or extra charges for additional features.

The website uses real-time data in order to present to users credit suggestions, tailored to their financial situation, ClearScore said in a statement.

Founded in 2014, by Dan Cobley, Justin Basini and Nigel Morris, ClearScore operates in UK and South Africa, with over 7 million users globally.

Also Read - World’s Fastest Growing FinTech Startup Launches Its First Engineering Hub in India

“Our focus has always been on helping our users achieve greater financial well-being, through a beautiful, simple interface. We're making it easier for people to get control over their financial situation, and access the best offers in the market,” Justin Basini, CEO at ClearScore, said in a press release statement.

At present, ClearScore has more than 7 million users globally. The brand intends to launch its free financial coaching feature, as a personalised online service, soon. This feature now has 1.65 million users globally, it added.

“It makes perfect sense for ClearScore to enter India right now. Millennials aspirations to India’s rapid acceptance of fintech innovations over the past two years provide the perfect backdrop for ClearScore’s entry into India at the time,” Hrushikesh Mehta, GM – India at ClearScore, said in a press release statement.

Beside ClearScore and BankBazaar, Experian had also invested in Singapore-based CeKaja.com, a financial marketplaces that help lenders reach new audiences. Last month, Cekaja.com raised $28 million Series C investment round led by Experian.

Experian, which now own two big credit score provider in India, was co-founded by Michael A Barron and Bernie Brenner in January 1980 and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, United Kingdom; California, United States; and São Paulo, Brazil.

Via - Business Line

[Top Image - AlternativeLending.io]

Indonesian Unicorn Startup Go-Jek To Enter India To Launch Bike Taxi Service

Indonesian unicorn startup Go-Jek, which offers hyperlocal transport, logistics and payment services, is planning to launch its bike-taxi service in India in the second half of 2018, reported Economic Times, citing people aware of the development said.

To launch its bike taxi services, Go-Jek is is evaluating some southern cities, possibly Bengaluru, and the Gurugram-NCR region and it may launch a pilot in one of these cities at the end of this year.

The report further said that a big chunk of the Go-Jek's most recent fundraise, which is pegged at approximately $1.2 billion, will be allocated towards expansion plans into developing markets like India.

The funraising the report is referring to is a follow-on round from 2017. Just yesterday, Indonesian conglomerate Astra International announced that it will invest $150 million in Go-Jek, joining the likes of Google and Temasek Holdings in the ride-hailing start-up's latest round of fundraising pegged at approximately US $1.2 billion.

With Ola and Uber’s core focus not being on bike taxis, Go-Jek has the scope to enter and dominate the market over time. The company is evaluating an India entry later this year, said the Economic Times report.

According to the sources quoted in the report, Go-Jek has less to no scope for its bike-taxi service in developed countries but sees India as a huge opportunity. The company is likely to explore state government partnerships with select cities that do not have strict regulations where bike taxis are concerned.

It should be noted that although Go-Jek has yet to start its services in India, the company officially launched its India operations in November 2016 when it opened its engineering facility in Bengaluru that also serves as its headquarters in the India. Situated in the heart of Bengaluru city, this facility also become the training centre for hundreds of GO-JEK engineers both from Indonesia and India.

Notably, Go-Jek has also acquired four startups from India including Bangalore-based Pianta, a home healthcare services startup, in September 2016 followed by acquisition of Leftshift, a Pune based mobile application developer that specialized in designing and engineering mobile applications for popular start-ups such as BookMyShow and Walnut.

Founded in 2011 by Harvard graduate Nadiem Makarim, GO-JEK is currently the fastest growing start-up in South Asia and the largest in Indonesia in terms of valuation.